The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1887-04-30
IN WALL STREET
4 SHOP WHOSE WARES CONSIST
OF STOCKS.

OF STOCKS.
Jay Gould Making n Quiet rurchasc-1n.
ycstors Who Handle Securities rs II Ex.'
aminlng Dry Goods-A Curious Place III
the World Of Finance.
Especial CorrtTpndtntt.1
NEW York, April 2s.---1 followed Jay
Gould into Wall street. a great many
who try to do that same thing, financially,
arc led to disaster; but my act was lit
cral, and It took mo into a curious place.
II also enabled nc to discover that Gould
does not risk his all in vcnturcsome on
tcrpriscs, but habitually lays away a por-
,ion OF his fortune beyond tho reach Of
ordinary losses. lie entered q brokers
office In tho second story Of a building
tho office Of a dealer in what nrc called
"unlisted securities" or stocks which arc
not speculated In Mt tho Stock Exchange.
There Is no business on margins here.
Tho proprietor Keeps on hand an assert.
ment Of stocks, and his customers, after
tho manner of n shopper in a dry.goods
store, look them over, cogitate over
prices, decker awhile, and finally pur-
chase what they desire, taking away the
securities us they would SO much cloth.
Jay Gould on this visit asked the dealer
Il no hid anything attractive. The reply
was that some street railroad shares
about q hundred thousand dollars worth
were good and cheap. Gould took
them In his hands, gazcd critically at
them, talked about their value, and al,
length bought thcm-giving his check
on the spot for tho amount, putting them
into his inside pocket, and departing
quietly.
II think that Mr.. Gould gets genuine
satisfaction out Of these purchases for In.
vcstment," said the broker. II under
stand that he makes gifts Of them 10 his
children, and at times to employees, coua-
selling them TO regard them us permanent
capital. He takes my word implicitly as
TO tho dividends Of tho securities that !
offer, md other matters Of fact, and then
VIC haggle a little bit over the price; but
he isn't mean at all,.if tic thinks he Is get
ting real value. don't doubt that I have;
within five years, sold two millions to
him, aud he has probably purchased five
times as much elsewhere in securities
quite outside Of speculative range. When
I find lot of stocks or bonds that can
be had cheap and for cash, l buythem out.
right, and when somebody comes along
to take them at a satisfactory advance,
then l sell. Sometimes my profit Is large,
and sometimes small, but 1t Is always
something, because I nm never forceddo
make a sacrifice. / am like a merchant
who deals In staple securities instead Of
staple dry goods. l have a regular run
of trade, built up by twenty-four years
of attention to business, and l have cap.
ital enough to keep a good assortment OF
goods always on hand.
"Who arc your customers 2" I asked.
"Well,n he replied, "Thurlow Weed
was one. l have no doubt that in ten
years l sold him an aggregate Of half q
million dollars worth, of stuff. lie had
no great desire to own real estate, deem
ing it bothersome TO manage, whereas
securities were portable, convertible and
on the whole about rs safe. But he was
never a speculator. Whatever he bought
disappeared permanently from the
market. He had a fancy for street rail:
road stocks and often came here to see
what l had in them. He had a knowledge
Of the condition of the companies md
their present and probable incomes that
was remarkable, and he was a shrewd,
close buyer. He stopped dealing with
INT about two years before his death, and
l have understood that, a delusion to the
effect that he was in danger Of becoming
poor got into his otherwise remarkably
clear head. The last time I saw him here he
seemed to have suddenly lost some Of his
former good judgment. He fancied TINT
all the horse railroads were about to be:
come bankrupt, and for the first time
during our business relations he desired
to be n seller instead of a buyer. |
thought at first that he was joking, and
when he asked for IN offer for a certain
block Of excellent stock l named a price
away below what he had a few months
ago before paid me for it. He surprised
nc by accepting but he never brought.
the paper nor had any further dealings
with me, and I believe that the manage
ment Of his business affairs was practi-
cally taken out of his hands"
Our. talk was interrupted by the en-
trance of an old man, whose dress indi-
Gated that he had stopped forty years
ago in his effort to keep up with fashion,
and whose dccrepitudc was such thathe
ought to have been seeking a kind Of
treasure that he could lay up beyond the
reach Of moth, rust and thieves. But he
was on the lookout for monetary bar.
gains.
This is the most chronic old shopper
among my customers" said the broker.
you'll see him paw over my stock like
m old woman at the m%arked.down
counter in n fancy-goods storc.nfs
AS this was spoken aloud, I looked for
hot resentment in tho ancient and refined
knickcrbockcr, but he had not heard q
word, and when the broker said anything
for him to understand twas throuchthe
medium of IN %ear-trumpct. But merely
hearing about the securities did not sat.
isfy him. He must sec and feel them,
One lot was recommended to him rs
cheap and valuable, but, after crumpling
and rustling 1t, holding it up to tho light,
examining tho fibre of the paper and The
creases, he seemed to think that it would
not wear well, and SO declined to buy.
His final choice was about half q yard Of
S%ixth-avenue horse railroad stock-a
soft, yellow fabric, which he rubbed
lightly.across his lips, as though it was
q piece of rare India silk. He paid for.
IT with a,chcck for S13.7S2, tucked 1t into
IN inside breast pocket, and instinctiyely
Augsed 1t rs he toddlcd out. IF. +.
PROHIBITION IN. TEXAS.